let's cross back out for our special cnbc panel. let's take a listen and that's the important point. we have seen hundreds of billions of dollars of investment coming out of fossil fuel, we're going to see price shocks aren't we? >> i agree and i would say don't demonize just the fossil fuel companies but not anyone. whether it's a industry. whether it's an industry. it doesn't help. >> but there are people that will demonize and continue to demonize anything that comes out of the ground. >> but that doesn't include me and i really -- i have been very consistent in saying it is very clear that the oil and gas industry has to play it's part. it's not an invitation after paris there is no other way. they actually said, you know, on access to capital, on technology, on incredibly trained engineering mass, critical mass of engineers who can be all of which can actually be now moved to the new economies while they transition out. they need to figure out which are their completely untenable investmenteds that are already coming off the ta

amid witherring pressure and criticism from the markets and yet by the way a cnbc fed survey in which most of the panelists said you know what, you should stay the course. the question today is whether the federal reserve would flinch. here's five things i'm looking for from the statement in five areas and i'll tell you what i think they could say potentially. how they characterize growth. u.s. growth, global market invasion and the rate hike outlook. it could say that u.s. growth looks temporarily weaker but still on a path for moderate growth. global growth exerts some drag on the u.s. it could note the volatility in markets. it could and this would be the big one suggested as less confidence moving toward 2% inflation and the rate hike outlook could suggest to the markets they would pause from now. we don't know if they'll get all five of those but it could change in a meaningful way and provide an impression to the markets that march is not likely for a rate hike and the question becomes what about june? and the fed is going to say we're data dependent here and i want to add scott it warms my heart

but jp morgan moving back, we'll have exclusive results on the same question from a broader panel of the cnbc flash fed survey coming up at 4:00 in that hour. >> looking forward to that, steve. >> we've had jobless recoveries and job slowdown. >> lack of one. whatever that is. despite the big market moves and uncertainty, this week some are still optimistic for the end of the year. listen. >> how much lower? >> another 10% from here which is pretty nasty. >> a lot of turbulence left but it isn't going to derail the economy. i think weakness will be a buying opportunity. >> chief economic adviser joins us now with his thoughts about what's going on. always good to see you. >> thank you, bill. >> for the last five or six years been that feeling despite the sell-offs volatility we get, we should look at them once in a while as a buying opportunity and that has worked ouxt the difference this time, you don't have a federal reserve -- they are not cutting rates any more or holding them lower. is that a big difference for you this time? what do you think is going on here? >> i think you can boil do

. >> let's get now to the jobs panel, larry kudlow, cnbc contributor. any announcements today?be here. >> that's what i thought. >> how about that. >> that's what i was talking about. joe, chief economist at deutsche bank, not running for anything. >> no, but i second larry. >> okay. good. no comment either. keep us guessing. and peter, chief market analyst at the lindsey group, and looks like a chestshire cat, markets killed, fed's fault, and he said that for years, right? you think this is the beginning of the end? is it going to continue or seeing the worst? >> well, i think it comets at least in the headline index, and there's been aset bear market in six months in equities, obviously, in high yield credit, and there's no coincidence that the feds started the beginning of the taper, and a lot of market indexes back to where they were in late 2013. >> today, a few stocks to watch, throwing away segment, but bed bath & beyond, and macy's, and caterpillar. you say the idea that maybe that the market sells off here , there's individual names down 40 and 50%. >> right. the quest

joining today's panel we have our own mike santoli, along with cnbc contributor evan newmark.h more on today's market action tim see more. welcome one and all. mike, did everybody -- i think you sensed something in the air this morning, it felt like we might finally rally this friday. friday has been a cuff day. >> friday has been tough. all the reasons to be cautious on friday ahead of a weekend, i think we are not there this time because we had so much fear spilling into the market during the week. i do think once you had one day of stability yesterday and we ran out of sellers at much low levels on wednesday the idea was, okay, next week we have a lot of fundamental news, earnings coming, the fed meeting and if we will have a statement and this just general sense that central banks were length to market. it made sense an oversold market would rally and hold that rally. i didn't see oil doing what it did today and you cannot escape exactly how important oil has been day to day to he can withities. >> the correlation with oil and equities has been 96% in the first 20 trading

joining today's panel we have our own mike santoli in the house, along with cnbc contributor evan newmarklcome. we're joined by "fast money" trading tim see more. we will get to everybody in just a moment. let's start here with bob pisani who is on the floor to wrap up the mild week that its been, bob. >> what a disappointment we had at the close here, a lot of people were hopeful we would hold the gains but we didn't throughout the day, we had a large market on close orders coming in and that was enough to bring the market essentially at the lows for the day. let's recap the week and see what happened here. this was a week where right across the board and these are still not final numbers for the s&p but right across the board down 6, 7, 8% no matter where you looked, russell 2,000, germany down 8%, japan down 7%, china down 10%, that's the shanghai index there. dow stocks for the week, there is not much you can go and hide with here. i want to know there are some sectors that did underperform here. financials were on the weak side, jpmorgan and goldman sachs had no bounce at all today,

. >>> first joining today's panel to talk about these crazy markets we have our own mike santoli along with cnbcntributor self knee link from tiaa cref, did he have grass so he will also join us off the floor momentarily. >> you heard bob saying, this is it, you throw mario draghi say i will do more, a big rebound in oil, a gain but not a convincing one. >> no, not convincing. i don't think really going to change anybody's opinion about what happened yesterday. in other words, there are people long, look, that was plenty enough evidence of a washout low, we got at least some refusal to go below certain levels and if you look at two years of the s&p 500 we've hung around a level we are at right now, only twice before, and it held. so i do think there is nervousness, but about a third of today's upside was energy, small cap energy, by the way, up 6% today. really it was not a lot of fundamental let me find great stocks to own. these things do start with short coverings, with the most beaten up stuff going up the most. bank stocks weak i think to me is the most glaring negative to today. >> stephan

i'm going to show you a big flat panel tv is that is filled with the oil stocks that we watch on our systems here at cnbcof the traders use it out there. these are my oil screens. i know it's hard to read the exact names. the red obviously means they're down. but again, today i just want to show you the magnitude of the declines that we're seeing on manufacture the names which have been driving the overall market. i flip it. the worst decliners are at the top. i separated them by group. big cap oil. marathon oil, another day. marathon oil is down 9%. you have hess. we'll get to more on that later, down 6.5%. conocophillips, down 4.67%. i'm going to scroll through here so you can see. that's the bakan. that is the shale in texas you have viper energy. the only one up there. and a bunch of other names. so you can see that losses are not only big, they are broad. we have manager director at tutor pickering holt & company. and he joins us now. it's been a tough time in your world. you're joining us from london. what do you make of the declines in the biggest names? the names like the marathons and shells and

joining today's panel to put more context around what we're wincing we have our own mike santoli along with cnbcibutor stephanie link and for more on today's market action we have "fast money" trader dan nathan and bob pisani joins us off the floor. michael, it was a little different in today's market, you could argue it was an energy session in the last couple sessions today it was squarely about china and a huge selloff given what happened. >> about china and the relentlessness of the declines around the world. yesterday we talked about in our market three days in a row we got a late day rally, if i saw it everyone saw it, therefore, we opened in a more milder day. i feel like there was negative reinforcement to that trade enough times. we have a day when china says we're taking the circuit breakers off, they're telling you something dramatic is going to happen, maybe it's good, maybe it's bad but why would you want to anticipate what it's going to be. >> stephanie, you have to assume since they like a stock market that only goes up they're trying to engineer an upward move or perhaps some sor

joining today's panel to talk about this and what's going on here we have our own mike santoli along with cnbcributor stephanie link and also with us "fast money" trader tim seymour. we also get results from intel due out in moments. we will bring those to you as soon as at the hit. stephanie, you were saying hurry up and close the markets, we are in positive territory. >> i was happy that we held a lot of the gains because we haven't seen that in quite some time. clearly we were oversold, sentiment very, very negative at this point. i was happy to see the lagging groups lead today, healthcare, financials and technology. >> and energy. >> and energy. i'm not sure we are out of the woods. i think volatility is here but i'm glad to see oil stabilize, i'm glad to see the first beginnings of earnings season be pretty good, jamie dimon's commentary was pretty encouraging. i still think you want to own blue chip dividend stories in this environment and it was that kind of a rally today. >> we talked to tom mcclellan last hour, he said whatever his concerns are about the longer term, oversold that st

panel to set the big week ahead. and kevin book is managing director at clear view managing partners and michael farr is president of farr, miller and washington and a cnbc contributor. do you believe these numbers? >> if you take a look you have to think that it's probably lower than that. it's china. you expect them to come close to the number that everybody thought which is going to be 7%. i'll accept it for what it's worth. if you can get china's gdp number within 2% you've hit a bulls eye. >> jim, what do you think? >> jim. >> michelle. >> yeah, how are you? i didn't introduce you. sorry wells capital management. it's early. >> well, i don't disagree. the reality on the ground is probably a little less than what they report but i think that the number comes in pretty close to expectations and world growth is slowing everywhere and in the manufacturer sector so it's not a surprise that china is still struggling on that front put there's already been a lot of stimulus dumped not only in china but across the world and we'll see data improve here as we go forward into the first quarter. >> are you talking about the united states or china? >> i'm talking